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While sitting in your office one evening, you begin to think about some of the key microeconomic messages you want to communicate to the Board. (Key concepts include, but are not limited to, supply and demand, pricing, competition, costs & production, and economic value added.) Pick two key concepts and discuss what you will present to the Board and why.
Elucidate tools used to pursue expansionary and contractionary fiscal policy.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
Discuss the determinants of varying levels of income, the factors which determine a person's wages and if these qualifications always hold true.
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
Rise in customers income will make increase in the quantity demanded.
Find out an output which maximizes the total revenue. Calculate the price elasticity of demand at this output.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Find out an article which is related to health economics from health journal. Some possible sources include Health Affairs
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Illustrate what is the demand and supply for labor in the unionized sector. Any surplus migrates to the uncovered sector. What is the new equilibrium wage and labor utilization in that sector.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Elucidate economic school of thought does Obama base his economic prescriptions? Detractors accuse him of some leaning towards socialism. However, Obamanomics is simply "Keynesian Economics".
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